BOI OKs P2-B Naga solar power facility

The Board of Investments (BOI) has approved the application of PAVI Green Renewable Energy Inc. for the registration of its P2 billion solar power plant in Naga, Camarines Sur, which is expected to cater to the increasing electricity demand in Luzon.

In a statement yesterday, the BOI said the project is expected to start commercial operations in February 2024.

“As the Philippines is heading towards a greener and modern economy, projects like this one are consequential for the attainment of the economic goals of the country,” Trade Undersecretary and BOI managing head Ceferino Rodolfo said.

“Also, the solar power plant project of PAVI Green will play a crucial role in building up the capacity needed to sustain electricity demand in Luzon, ensuring an unhampered supply of power to consumers,”he said.

The BOI pointed out that due to the sustained economic growth of the Philippines, the demand for power in Luzon would continue to increase.

Data from the Department of Energy (DOE) showed that in 2020, Luzon contributed 67.9 percent share of the total installed capacity.

In terms of power generation and consumption, Luzon recorded 71.2 percent and 72.2 percent, respectively.

The BOI pointed out that the project would contribute to the required capacity addition of 73,868 megawatts (MW) that is needed to meet the National Renewable Energy Program (NREP) target of 81,485-MW for the total installed capacity by 2040 under the Clean Energy Scenario (CES).

On the economic aspect, the project will generate 554 jobs during its construction and 21 jobs during its commercial operations.

Moreover, the solar power plant will also use the latest technology in the market through the use of monocrystalline solar panels and string inverters.

The BOI, as the leader of the country’s investment promotion agencies, said it has been pursuing a greener and more modern Philippine economy.

Known as the largest contributor to climate change, carbon dioxide is among the four greenhouse gases that are emitted whenever coal, oil, natural gas, and other carbon-rich fossil fuels are burned.